BCI's Principles for Responsible Investing

Responsible investing is an essential part of the investment beliefs shared by BCI and our clients. We believe that taking environmental, social and governance (ESG) matters into account enables investors to better understand, manage, and mitigate risks associated with long-term investments. Each of our asset classes integrate responsible investing into their investment processes. And while we adapt our strategy for different asset classes, regions, and sectors – the following eight principles, informed by the Principles for Responsible Investment, guide our overall approach:

1

As our primary responsibility is to ensure enduring long-term investment returns, environmental, social and governance matters are addressed when these factors present material risk to an investment and/or the portfolio.

2

As significant ESG risks vary between asset classes, regions, sectors and companies, we adapt our approach and strategy to what is appropriate for the investment.

We encourage companies to identify practical and realistic solutions to ESG risks, and recognize that introducing good governance and operational practices takes time.

5

We must own a company to be able to influence its governance and operational practices. As a long-term owner, we have a responsibility to interact with companies about their governance structures, policies and operations.

6

We believe that engaging is more effective in seeking to initiate change than divesting, and that aligning with like-minded investors and organizations is sometimes more effective than working in isolation.

7

As a significant investor, we have a duty to advance responsible investing within the investment industry.

8

As responsible investing continues to evolve, integrating ESG considerations into our investment approach is constantly under development; we shall continuously learn from our own practices and experience.